217 East Houston, New York, NY 10002

Lower East Side, New York, New York 10002

$6,500,000  

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Listing ID Number

19182

Property Description

With the world famous Mercury Lounge as the anchor tenant, this is a stable income producing property perfect for any investor.

217 East Houston Street is a 5 story walk-up mixed-use building with 6 stabilized, 2 free market apartments, 1 ground floor commercial space and 1 billboard. Building dimensions are 30' x 85' on the ground floor, and 30' x 56' on the upper floors. It is approximately 9,600 SF above grade.

The zoning classification is C6-2A with a total Buildable Square Footage of approximately 18,000 SF for Commercial use, 21,000 for Residential use (with Inclusionary Housing), and 16,200 SF for Residential use (w/out Inclusionary).

Annually, actual gross rents are approximately $415,000 per year with an actual net operating income of approximately $350,000.

Note: Tenant also pays one third of the property tax increases from base year 2008/2009.

BID DEADLINE OF MAY 1ST 2009

Overview

Building Type:Mixed-Use Investment Buildings
Block/Lot:412/58
Lot Dimensions:30 x 100
Lot Sq Ft:3,000
Buildable Sq. Ft:Comm: 18,000 Residential: 16,200-21,600 CF: 19,500
Stories:5
Residential Units:8
Commercial Units:1
Zoning:C6-2A
Residential FAR:5.4 base up to 7.2 with inclusionary housing
Commercial FAR:6.0
Assessment Value:$151,058
Taxes:$19,718
Building Sq Ft:9,600
Building Dimensions:30' x 86' on GF, 30' x 56' on floors 2-5

Expenses

Real Estate Taxes:$19,718
Insurance:$9,600
Water/Sewer:$4,800
Gas:$14,400Gas and Electric
Repairs/Maintenance:$6,800
Management Fees:$12,436
Total Annual Expenses:$67,754

Investment Information

Gross Monthly Income:$34,546
Gross Annual Income:$414,552
Less Total Expenses:$67,754
Net Operating Income:$346,797

Summary

Capitalization Rate:6.00%

Documents

Contact

For further information or inspection, please contact Exclusive Agents:

Michael F. DeCheser
First Vice President of Sales
(212) 696-2500 x 7772
mdecheser@masseyknakal.com

Philip Huang
Senior Associate
(212) 696-2500 x 7754
phuang@masseyknakal.com


Property Images

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Property Map


Aerial View


The information contained herein has either been given to us by the owner of the property or obtained from sources that we deem reliable. We have no reason to doubt its accuracy but we do not guarantee it. All zoning, buildable footages and uses must be independently verified. Vacancy factors used herein are an arbitrary percentage used only as an example. It does not necessarily relate to actual vacancy, if any. The value of this investment is dependent upon these estimates and assumptions made above, as well as the investment income, the tax bracket, and other factors which your tax advisor and/or legal counsel should evaluate. THE PROSPECTIVE BUYER SHOULD CAREFULLY VERIFY EACH ITEM OF INCOME, AND ALL OTHER INFORMATION HEREIN.